Why does the appraisal matter to financing a UTampa-area home?
DIRECT ANSWER
The appraisal helps establish the property's value used in the lender's collateral and loan-to-value analysis; for example, VA's no-down-payment purchase condition requires the sales price not to exceed the appraised value, so an appraisal gap may require renegotiation or additional cash.
Sources & verification
- va.gov U.S. Department of Veterans Affairs; CFPB
- consumerfinance.gov U.S. Department of Veterans Affairs; CFPB
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